December 2022 inflation Hits A Record High Of 54.1%

Source the Ghana Report

The Ghana Statistical Service has disclosed that the inflation rate for December 2022 is 54.1 percent.

This means inflation shot up by 3.8% from 50.3% in November to the end of 2022 at 54.1%, data from the Ghana Statistical Service (GSS) shows.

At 59.7%, food inflation saw the highest inflation rate for December 2022, soaring past the 55.3% recorded in November 2022.

Despite a strong improvement in the value of the cedi and a reduction in the prices of petroleum products, the rate of inflation still went up in December 2022. This was due to steep increases in food, transport, and housing costs.

Speaking at a press conference on January 11, the Government Statistician, Professor Samuel Kobina Annim also disclosed that on a year-on-year basis, water went up by over 94%, followed by fruit and vegetable juices peaked at 84.6%.

According to the figures, five divisions recorded inflation rates higher than the national average.

They were Housing, Water, Electricity, Gas, and Other Fuels (82.34%); Furnishings, Household Equipment (71.52%); Transport (71.42%); Personal Care, Social Protection, and Miscellaneous Goods and Services (60.94%) and Food and Non-Alcoholic Beverages (59.71%).

Whilst Food inflation went up by 4.4% in December 2022, Non-Food Inflation went up to 49.9% in December 2022, from 46.5% in November 2022.

Inflation for locally produced items was 51.1% and inflation for imported items was 61.9%.

Eight sub-classes registered inflation rates higher than the food inflation average. They included Water (94.2%), Fruit and Vegetable Juices (84.6%), Milk, Other Diary Products and Eggs (82.2%), and Tea, Oats, and Other Plant Products for Infusion (77.7%).

For the regions, the Greater Accra region recorded the highest inflation of 66.7%. It was followed by the Eastern region (64.1%) and the Bono region (60.3%)

The region with the lowest inflation rate was the Volta region with a rate of 35.6%.



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